Shipping industry news, Thai dry bulk shipowner Precious Shipping (hereinafter referred to as “Precious Shipping” or the company) continued to report losses in the second quarter of 2025, with a net loss of $5.457 million in the first half of the year.
Specifically, in the second quarter of 2025, Precious Shipping achieved operating revenue of $36.552 million, a year-on-year decrease of 22.6%; EBITDA was $13.34 million, a year-on-year decrease of 41.6%; net loss was $1.319 million or $0.0009 per basic share, a year-on-year decrease of 109.2%.
In the second quarter of 2025, the daily TCE of Precious Shipping’s fleet was $10,132, a year-on-year decrease of 24.9%, while the daily operating cost per vessel was $5,135, a year-on-year decrease of 1.7%.
In the first half of 2025, Precious Shipping achieved operating revenue of $68.398 million, a year-on-year decrease of 25.0%; net loss was $5.457 million or $0.0036 per basic share, a year-on-year decrease of 121.2%. The fleet’s average daily TCE in the first half was $9,394, a year-on-year decrease of 27.5%, while the daily operating cost per vessel was $5,279, a year-on-year decrease of 0.5%.
It is particularly noteworthy that Precious Shipping has secured approximately 12% of its future operating day revenue for the next four years through long-term charter contracts of one year or more, with total contracted charter revenue reaching $200 million. Specifically, Precious Shipping has locked in about 40% of its operating day revenue for the second half of 2025 at an average daily rate of $12,726, and about 22% of its operating day revenue for 2026 at an average daily rate of $13,276.
Precious Shipping stated that, in short, the supply-demand balance in the dry bulk market continues to improve. Although dry bulk shipowners have sufficient funds to invest in newbuildings, LNG carriers, container ships, car carriers, and tankers have occupied the majority of global shipyard berths, with the earliest delivery dates only available in 2027. Meanwhile, engine supply is also significantly constrained, leading to the “crowding out” of dry bulk vessel orders.
As of July 1, the dry bulk fleet orderbook accounts for approximately 10.56% of the total fleet, slightly higher than the 10.29% share of fleets aged over 20 years.
In 2024, the dry bulk fleet grew by 3.0%, and it is expected to grow modestly by 3.1% in 2025.
Fleet Updates
In the second quarter of 2025, Norwegian dry bulk operator Western Bulk exercised its purchase option and sold the 2020-built Ultramax bulk carrier “Western Singapore” to Precious Shipping for $28 million. The vessel has been delivered and renamed “Uma Naree”.
Additionally, in May 2024, Precious Shipping placed an order for four 63,500 DWT Ultramax bulk carriers at Taizhou Sanfu Shipbuilding, with deliveries expected in 2026 and 2027.
As of now, Precious Shipping owns 40 bulk carriers, including 19 Handysize vessels, 8 Supramax vessels, 9 Ultramax vessels, and 4 cement carriers, totaling 1.77 million DWT.
